Rethinking the Corporate Governance Transparency in Vietnam’s ESG Landscape: An Empirical Study from the Perspective of Investors

The importance of ESG in global finance marks a shift from valuing companies solely on financial metrics to assessing them through environmental, social, and governance lenses, with Vietnam embracing this trend amid rapid development and policy reforms like green bond growth and sustainability strategies. Despite this progress, ESG transparency among Vietnamese firms remains inconsistent and often symbolic, with limited standardization and strategic engagement, especially among SMEs. This study addresses a gap in the literature by investigating governance transparency from an investor perspective, emphasizing its potential as a strategic asset that influences brand reputation and investment decisions, moderated by digitalization and ESG awareness. Through a survey of 402 investors with survey data processed through PLS-SEM, the study shows that governance transparency can lead to higher brand reputation and thus higher investment intention. In addition, the perspective of digitalization plays an important moderating role, helping to promote the relationship between governance transparency and brand reputation in enterprises from the investor's perspective. However, ESG awareness does not moderate the relationship between brand reputation and intention to invest. The implications highlight that ESG practices treated as strategic initiatives rather than mere compliance can play a crucial role in building investor trust and attracting investment. Enterprises should enhance ESG transparency, adopt technology for accurate reporting, and embed sustainability into their core strategies, while policymakers can support this transition through legal frameworks and incentives that promote responsible business practices.